Paramount Global Q3 2024 Earnings Highlights

Paramount Global Class A ( (PARAA) ) has released its Q3 earnings. Here is a breakdown of the information Paramount Global Class A presented to its investors.

Paramount Global Class A is a leading global media, streaming, and entertainment company known for its extensive portfolio of iconic consumer brands, including CBS, Paramount Pictures, and Nickelodeon, as well as its innovative streaming services like Paramount+ and Pluto TV. The company is recognized for its vast library of TV and film titles.

In its Q3 2024 earnings report, Paramount Global highlighted significant advancements in its strategic goals, particularly within its direct-to-consumer segment, which saw a notable improvement in adjusted OIBDA by $287 million year-over-year. The company also reported a 25% revenue growth for Paramount+ and added 3.5 million subscribers during the quarter.

Key financial metrics from the report indicated a 6% decline in overall revenue to $6.73 billion, attributed to decreased revenues in TV Media and Filmed Entertainment segments. However, the Direct-to-Consumer segment showed robust performance with a 10% increase in revenue and a remarkable 82% improvement in adjusted OIBDA. Paramount+ contributed significantly to these results with a 25% increase in revenue and global ARPU expansion of 11% year-over-year.

Paramount is also focusing on cost efficiencies, streamlining operations to achieve $500 million in annual run rate savings. The company anticipates the completion of its Skydance transactions in the first half of 2025, signaling potential strategic shifts in the near future.

Looking ahead, Paramount Global maintains a positive outlook, buoyed by recent successes and ongoing strategic initiatives aimed at strengthening its market position and driving future growth across its diverse media and entertainment segments.